The housing market across the greater Metro Denver area launched 2019 with a bang, bringing nearly 5,000 new listings to the market in a whopping 109% increase compared to last month.
More New Listings, More Inventory
The influx of new listings at the start of the year is not altogether surprising — many home sellers wait to put their home on the market until after the holiday season comes to an end. But the volume of new listings is worth note.
Homes listed in January, more than doubled the number of new listings in December, was a 14% increase from last year. At 4,817 listings of homes for sale, that’s more new listings than we’ve seen in January since 2013.
The increase in new listings also helped raise inventory. January ended with 8 weeks of inventory, up two weeks compared to this time last year. If no new homes came on the market, supply would run out by the end of March.
Fewer Homes Sold, More Under Contract
While home sales were lower year over year, the number of homes under contract saw the opposite, with 8% more homes going under contract this January.
Meanwhile, the average price of a single-family home continued to increase, but at a slower rate – up only 3% compared to last year. Compared to last month, prices are relatively unchanged.
The median price for homes sold in January was $395,000. Nearly 50% of new listings were priced from $300-500,000, the most competitive price range in the Denver housing market.
For more information about the Denver Metro housing market, view the detailed housing market report for January 2019.
Is it time to buy or sell your home?
For more detail about the housing market in your neighborhood, talk to your local REALTOR®. Your real estate agent can provide an in-depth analysis of the housing market as it relates to you by looking at individual neighborhoods, recently sold homes, local housing market trends, and your unique situation. They can even help you answer that question — is now the right time to buy or sell your Colorado home?